Surprising view in the East Village

May 22, 2014

Updated May 23, 2014 2:27 p.m.

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The impressive views extend to the master bedroom of this penthouse for sale at 100 Atlantic Ave. ANIBAL ORTIZ, STAFF PHOTOGRAPHER

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“It's like somebody dropped a house on top of a high-rise building,” says L.A. Property Solutions' Patrick Crane, the listing agent, of this penthouse for sale at 100 Atlantic Ave. ANIBAL ORTIZ, STAFF PHOTOGRAPHER

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With 1,690 square feet of living space, this penthouse at 100 Atlantic Ave. features a view of the city and ocean in all directions. ANIBAL ORTIZ, STAFF PHOTOGRAPHER

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Penthouse 2 at 100 Atlantic Ave. in the East Village Arts District in Long Beach is listed for sale at $1.99 million and features 1,690 square feet of living space, two bedrooms, two bathrooms and a view of the city and ocean in all directions. ANIBAL ORTIZ, STAFF PHOTOGRAPHER

At a glance

Editor’s note: This is the second in a series of articles on the best views for sale in Long Beach.

When one thinks of properties with views, it’s usually high-rise condos and oceanfront properties that are the first to come to mind.

But a top-floor penthouse in the East Village Arts District that its sellers are promoting as “a hidden gem” may sport one of the broadest and best views in Long Beach.

The midcentury, modern rooftop, two-bedroom, two-bathroom penthouse has 1,690 square feet of living space, with partial views from just about every room.

However, what puts the property over the top as far as views are concerned is its nearly 1,500 square feet of deck space.

From the two large outdoor decks are almost unimpeded views of Catalina Island, the Queen Mary and, on clear days, the coast from Newport Beach to the Palos Verdes Peninsula. On clear days in the other direction, one also can see downtown Los Angeles and the Hollywood sign.

“Incredible. Amazing. Beautiful.” Those were the words of its listing agent, Patrick Crane of L.A. Property Solutions.

Crane is marketing the property aggressively because the 12-story Royal Palms building at 100 Atlantic Ave. is not highly visible and is largely unknown in the community. It’s stuffed behind a Travelodge hotel behind dozens of palm trees and is surrounded by numerous aging properties that line the outskirts of the ever-evolving East Village.

“Nobody really knows it’s there,” he said of the unit, designated Penthouse 2.

Constructed in 1958, the building isn’t considered by most to be striking, and most condos there are selling from the low $200,000s to the high $300,000s. The sizes of most of the condos are modest and range from 500 to 950 square feet.

All those circumstances build up to a surprise waiting for people who visit the penthouse unit, one of only two in the building.

“When they step into that living room, they freak out,” Crane said. “It’s like somebody dropped a house on top of a high-rise building.”

The unit is listed for sale at $1.99 million, and it went on the market roughly two weeks ago. Crane said he’s confident he’ll get that price and that something similar elsewhere in Southern California would be priced much higher.

“It’s been a great response so far,” he said of the five open houses he already has hosted. “There’s really nothing else like it. If it were in Santa Monica, the sky would be the limit in terms of price.”

As affluent buyers become more bullish on housing and the economy in general, luxury home sales are taking off, according to the National Association of Realtors. The association reported that sales of homes that cost $1million or more rose 7.8 percent in March compared with a year earlier.

According to real estate information company DataQuick, home sales of $2 million or more rose 33 percent in January and February from a year earlier in the top U.S. metropolitan areas. By comparison, sales of homes costing $250,000 or less, which represent about two-thirds of the U.S. housing market, fell 12 percent year over year in March, according to the NAR.

Crane couldn’t say exactly how much the view factored into the penthouse’s asking price.

“It’s really hard to put a number on that,” he said.

Asked if it could sell the unit in the million-dollar range without the views, he replied, “I don’t think so. No.”

The decks are good for more than providing some dramatic views, he said. The decks also offer a buyer the opportunity to host large parties, to create an ample outdoor living space or even to put up an outdoor gym, Crane added.

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